Will This Economic Crisis Have a V, U, or L-Shaped Recovery?Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are
How is the Market Doing
Dated: April 9 2013
I am asked repeatedly when I am out and about, how the real estate market is doing. A simple question right? Well the simple answer is there are alot of people who would like to buy real estate in Steamboat Springs, and have been waiting for the market to hit bottom and there are sellers who have been waiting for the market to rebound but the gap remains!
Buyers are still looking for the foreclosure and distressed properties and sellers are wishing and hoping for prices to rebound at a rate of appreciation close to what we saw in 2006-2007. The reality today is somewhere in the middle.
There are still foreclosures and short sales, however they are drying up quickly. There are segments of the market in Steamboat Springs where sellers can see an appreciable jump in home prices,(the single family home and residential condo market under $350) and while the market is moving in a very positive direction, the gap remains.
Lack of inventory (at latest count only 271 single family homes and even fewer residential condos on the market) is still keeping buyers out of the market, and sellers are still looking to their neighbors property to sell at a higher price before jumping into the market.
So.....How is the market doing? My answer today is mixed up! I wish I had many more single family homes and residential condo listings under $300K where we are actually seeing multiple offers but until buyers expectations get closer to seller expectations we will continue to have a mix of results in the Steamboat market.
The Steamboat Luxury Team -Vicki Jackson and Mike Shuttleworth Vicki Jackson has been a Realtor for 11 + years and comes from a long line of Realtors. She has specialized in luxury resort and ranc....